Penalty and interpretation :
162. (1) If a company fails to comply with any of the provisions contained in section , or , the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [five hundred] rupees for every day during which the default continues.
(2) For the purposes of this section and sections , and , the expressions “officer” and “director” shall include any person in accordance with whose directions or instructions the Board of directors of the company is accustomed to act.